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    <title>Exemption from enforcement of the regulations in special cases</title>
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    <description>The Board may exempt any person or class from all or any provisions of the Portfolio Managers Regulations for a specified, time limited period to enable testing of new products, processes, services or business models in a live regulatory sandbox; such exemptions are subject to conditions, including continuous compliance, and the regulatory sandbox is defined as a live testing environment allowing deployment to a limited set of eligible customers under Board specified conditions.</description>
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